BUISENESS MANAGEMENT
BUSINESS PLANNING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which of the following is one of the main things to consider when evaluating a business opportunity?
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Customer demand for the product
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Style and entertainment trends
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The number of employees you plan to have
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The mission statements of competitors
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Explanation:
Detailed explanation-1: -One of the most important factors when evaluating a business opportunity is market size. Do a little market research. Figure out if there is a market for the opportunity-and how big that market is. Before you move forward, you want to be sure the demand is there.
Detailed explanation-2: -Opportunity evaluation is essentially a process of judgment based on cognition (Shepherd et al., 2007; Wood and McKelvie, 2015). According to information processing theory, opportunity evaluation is strongly affected by how entrepreneurs interpret information (Hambrick, 2007).
Detailed explanation-3: -Evaluate historical sales revenues, profit margins of products and services, recent sales trends and cash flow.
There is 1 question to complete.